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“Glanbia Ireland’s milk price for August has been adjusted to reflect weaker market returns for some products, including butter," Glanbia chair Martin Keane said.

Glanbia has cut its August milk price by 1c/l compared to the July price.

The processor will pay its member milk suppliers 27.04c/l excluding VAT for August manufacturing milk supplies at 3.6% butterfat and 3.3% protein.

Glanbia Ireland (GI) will pay a base milk price for August of 26.56c/l excluding VAT.

A support payment of 0.5c/l will continue to be made to members. The average price paid for August manufacturing milk, based on delivered constituents, will be 32.94c/l including VAT and the support payment.

Markets

Glanbia chair Martin Keane said: “Glanbia Ireland’s milk price for August has been adjusted to reflect weaker market returns for some products, including butter.

“The rate of growth in global milk production is restrained, but unfortunately the supply-demand balance for certain products is weaker. The board will continue to monitor developments on a monthly basis.”